There is a large base of research that supports the idea of distinct STM and LTM systems (e.g. brain-damaged case study patient KF's STM was impaired following a motorcycle accident, but his LTM remained intact)
It makes sense that memories in the LTM are encoded semantically – i.e. you might recall the general message put across in a political speech, rather than all of the words as they were heard
The MSM was a pioneering model of memory that inspired further research and consequently other influential models, such as the Working Memory Model
Some research into STM duration has low ecological validity, as the stimuli participants were asked to remember bear little resemblance to items learned in real life, e.g. Peterson and Peterson (1959) used nonsense trigrams such as 'XQF' to investigate STM duration
The model is arguably over-simplified, as evidence suggests that there are multiple short and long-term memory stores, e.g. 'LTM' can be split into Episodic, Procedural and Semantic memory
It does not make much sense to think of procedural memory (a type of LTM) as being encoded semantically, i.e. knowing how to ride a bike through its meaning
It is only assumed that LTM has an unlimited capacity, as research has been unable to measure this accurately